Nigeria experienced a significant loss of approximately N720 billion in revenue due to consecutive monthly declines in crude oil production in February and March 2024, according to The PUNCH.
This decline caused the country to miss its crude oil production benchmark set in the 2024 budget, which aimed for 1.78 million barrels per day, including condensate. Data from the OPEC revealed that Nigeria’s crude oil production (excluding condensates) dropped to 1.231 million barrels per day in March, marking the second consecutive monthly decline since the start of the year. In February, production stood at 1.322 million barrels per day, showing a decrease of 91,000 barrels per day in March.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja confirmed that both crude oil and condensate production had not met the benchmark in the 2024 budget. Data from NUPRC showed production volumes of 1.643 million barrels per day, 1.539 million barrels per day, and 1.438 million barrels per day in January, February, and March, respectively, falling short of the 1.78 million barrels per day target.
Source: PUNCH